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S&P downgrades Spain credit rating to near junk

(Xinhua)

09:32, October 11, 2012

NEW YORK, Oct. 10 (Xinhua) -- Standard & Poor's Ratings Services on Wednesday cut Spain's long-term sovereign credit rating by two notches to BBB-, one level above junk, saying the deepening economic recession is limiting the Spanish government's policy options to deal with its debt problems.

The rating agency said in its latest statement that the downgrade reflected its view of mounting risks to Spain's public finances, due to rising economic and political pressures.

In S&P's opinion, the central government's policy responses were likely to be constrained by the deepening economic recession that could lead to increasing social discontent and rising tensions between Spain's central and regional governments, and the policy setting framework among the eurozone governments that still lacks predictability.

At the same time, the S&P believed that Spain was enduring a severe and deepening economic recession while rising unemployment and spending constraints were likely to intensify social discontent and contributed to friction between Spain's central and regional governments.

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